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Regis reports solid FY17

PERTH (miningweekly.com) – Gold miner Regis Resources has reported a solid 2017 financial year, on the back of higher gold production and revenue.

The ASX-listed company on Tuesday announced that profit after tax for the full year ended June 30, had increased by 24% on the previous financial year, from A$111.7-million to A$138.1-million.

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This was driven by a 6% increase in delivered gold prices and a 6% increase in gold production, which reached 324 353 oz, compared with the 305 084 oz delivered in 2016.

Ounces sold during the year ended June were also up by 4%, to 319 407 oz, with revenue increasing by 8% from A$500.1-million to A$542.2-million.

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Earnings before interest, taxes, depreciation and amortisation also increased from the A$234.4-million reported in the 2016 financial year to A$253.3-million.

“Regis’s strong financial results for 2017 are a reflection of the successful organic growth strategy our company has pursued over the last two years,” said MD Mark Clark on Tuesday.

“The introduction of higher grade ore from our satellite projects has delivered record annual production in 2017 and a 24% increase in earnings. The robust cash operating margin continues to see cash build on the balance sheet and has underpinned a full year dividend of 15c a share for 2017.”